Consolidated Net Income for 9 Months G$6,155,819
The statement of consolidated it come accounts of International Telephone and Telegraph Corporation and subsidiaries for the nine months ended September 30, 1938 and 1937 is submitted herewith.
Consolidated net income as set forth in such statement amounted to $6,155,889 as compared with $7,044,079 for the nine months ended September 30, 1937.
Gross earnings including gross profit on-sales amounted to $49,559,953 as compared with $46,271,243 for the corresponding period in 1937. However, taxes increased by $1,156,218 and as a result of the further decline in the U.S. dollar value of certain foreign currencies, the income account. ior the 1938 period includes a net foreign exchange loss, mainly in value of net current assets, of $1,619,- 483 as compared with a net exchange profit of $492,200 for the same period in 1937 as set forth in the notes to the statement of income accounts. Total interest charges of the Corporation and subsidiaries increased $993,960, principally as a result of subsidiary company financing. The interest charges of the Corporation will be reduced upon the retirement of the Corporation's Ten-Year 41% per cent.
Convertible Debentures due January 1, 1939.
Text read from the printed page and cleaned; old type leaves the occasional error.